Pinebrook pharma company acquires S. Korean company for $187M

Pinebrook-based Alvogen, an international pharmaceutical company, announced Wednesday that it has acquired Dream Pharma in South Korea for $187 million.

The acquisition will be handled through Alvogen’s Asian subsidiaries. Upon completion, it will create one of the largest generic pharmaceutical companies in South Korea.

Dream currently has 35 percent market share in obesity products in Korea, so the acquisition will significantly strengthen Alvogen’s business in that area.

Robert Wessman, president and CEO of Alvogen, said: “I am delighted to announce this transaction. Dream is an excellent business and we are looking forward to collaborating with their high-caliber team as we work to fuel regional growth and to gain scale in the Korean market and a broader product offering.

“Alvogen’s business continues to grow from strength to strength in (the Asia-Pacific region) and our commitment to the region is yielding clear results. This transaction further underlines our ability to act as a powerful industry consolidator and demonstrates the momentum we are building towards becoming one of the top five players in the APAC market.”